Islamabad: As per the latest updates, the government might increase tax on cash withdrawals by non-filers starting in July 2024. Moreover, the proposal has been proposed to the International Monetary Fund (IMF) in recent ongoing discussions. As per the sources, the IMF has approved the Federal Board of Revenue (FBR) proposal to raise the advance tax from 0.6% to 0.9% from non-filers on cash withdrawals in the next year’s budget.
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It is worth mentioning that if the parliament approves and agrees to this proposal, FBR will be able to gather Rs. 15 billion in revenue annually from non-filers. Moreover, FBR further proposed raising the withdrawal tax for all types of vehicles with an engine capacity of about 850cc or more.
Additionally, all the proposals of FBR are still waiting for approval from the IMF, and then the proposals will be shared with PM Shahbaz Sharif for final approval.
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